Around a fifth of FTBs plan to spend an average of £5,000 on cars, holidays and other luxuries before a mortgage, the Alliance & Leicester found, yet this could push them into debt. “Buying your first home can be a…
Continue reading the "FTB’s ‘financial fling’ costs dearly" »
According to Defaqto, the average penalty for bounced cheques, unpaid standing orders or direct debits and other debts is now over £30 compared to around £27 in August 2003. David Black, Defaqto’s head of banking and author of the report,…
Spokeswoman Moira Haynes said that the pace of change in the financial markets was not matched by people’s awareness, leading many to get into debt through their ignorance. “British consumers are paying a high price for being ill-informed and unconfident…
Continue reading the "Financial ignorance sees Brits “paying a high price”" »
Nick White, head of personal finance at consumer website uSwitch.com, said that the DTI announcement was “disappointing” and could go further to stop people getting into debt with credit card cheques. “Today’s announcement by the DTI, following its investigation into…
Continue reading the "DTI credit card cheque change “falls short”" »
Between April and June lenders brought 165,000 CCJs against people who had not paid their debt off, a rise of nearly a fifth on the same period a year before. According to the Registry Trust figures, this increase in CCJs…
According to Moneysupermarket, going into overdraft debt can cost £125 even before interest payments are made, leading to a UK total of £40 million. “When it comes to personal banking, apathy is expensive,” said Stuart Glendinning, managing director at Moneysupermarket.…
Speaking on the debt-repayment insurance, Mike Naylor from Which? said that there are few benefits in taking out PPI. “It is of little benefit. It is very costly. It adds significantly to the cost of the loan. It is not…
Worst performing were the ones working for banks and building societies, where only one in every six reached the required standard in the Which? poll. Neil Fowler, editor of Which? magazine, said: “Our latest investigation leads us to believe that…
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